Feeling the financial pressure? You’re not alone.
Many homeowners in southeastern Pennsylvania are grappling with tough decisions in our current economic climate. And if you’re like many of our other clients, you may find yourself wondering if now’s really the time to invest in your home’s exterior. We get that.
Because it’s no secret our current economy has people confused and wondering what’s next. That’s why in this article we’re diving into the current state of affairs here in Pennsylvania and then touching on what that means for your home improvement projects—including how you can make smart upgrades in a complicated economy.
So let’s get started. We’ll first take a look at what’s happening in the US and world economy, then cover how those changes are impacting the home improvement landscape, and finally give you some guidelines for making wise, rewarding decisions for you and your home.
What’s Going On With the Economy?
The past few years have been tough for many US homeowners. While inflation has slightly cooled from its highs in 2022–2023, the lingering impact is still being felt among consumers and service providers alike. Everything from food to fuel and basic living necessities has been more expensive, and PA residents are feeling it.
Interest rates also remain high at around 6.5%. This, combined with the increased prices of building material costs due to the immediate effects of the Trump administration’s recent tariffs (more below), is making large home improvement projects more difficult for Pennsylvania residents.
For example, approximately 70% of US building softwood lumber is imported from Canada. The National Association of Home Builders predicts the recent tariffs could add about $4,900 to the cost of a typical home—and that’s just the lumber. There are also rising costs of steel, which is imported from China, and tariffs placed on gypsum (a key component in drywall) which the US largely sources from Mexico.
These changes highlight the country’s reliance on imported materials in the construction industry. And while there is the possibility for price corrections as new domestic mills are produced to offset rising costs, a widespread change like that could take several years.
In short, contractors and homeowners are experiencing higher costs associated with building. However, that doesn’t mean you should wait on your home improvement projects for some magical date in the future when all is right again. In fact, the next 12 months can still be a great time to update your home… If you act strategically.
Prioritize Exterior Renovations with the Highest ROIs
If you’re going to invest in your home during our current economic season, it makes sense to focus on projects with a higher ROI. Note that each of the following examples has the potential to nearly cover the initial cost of the upgrade—and while these numbers may vary in the coming years, the overall ROI is quite high.
- Siding Replacement: When it comes to a healthy ROI, replacing your home’s siding is well worth the cost. Depending on the siding you choose, you can recoup as much as 67-95% of your initial investment through savings in monthly bills, the prevention of water and pest damages both in and outside the home, and a healthy increase in resale value.
- Roof Replacement or Repairs: Your home’s roof is its first line of defense against the elements. If you wait until you’ve sprung a leak, the associated costs can leave you wishing you had taken care of things sooner. Depending on the materials you choose, a new roof can easily protect your home (and your wallet) for 20-50 years.
- Entry Door and Window Upgrades: A new front door is a great way to bring added charm and curb appeal to your home. But that’s not all. New steel doors pay for themselves and updated windows save you hundreds of dollars each year on energy costs… Making these home upgrades a no-brainer in any economy.
- Garage Door Replacement: Believe it or not, replacing your old garage door can recoup up to 194% of your initial investment. (We just thought you’d like to know.)
Choosing the Right Materials for Long-Term Savings and Value
If you’re concerned about the cost of your materials, there’s some good news: modern composites like LP SmartSide and stone veneers are choc full of value while coming in at lower price points than some of their traditional counterparts.
And here’s the thing: even if you do end up with a slightly higher upfront cost, you can still rest assured that, over time, your renovations will provide a wealth of value to you, your home, and your wallet.
Pacing Your Exterior Renovations
Between the economy, interest rates, and the stressors of daily life, the thought of a full-scale exterior project might feel overwhelming. But get this.
You don’t need to do it all at once.
Speaking with a skilled and reputable exterior contractor is the best way to make sure you’re getting the work you need done. Then, with the biggest red flags out of the way, you can take your time on the kinds of upgrades you’d like to have done at some point in the foreseeable future.
So if you’ve been thinking about upcoming renovations—or have already sprung a leak—reach out to Smucker Exteriors today for a complimentary consultation. Our siding, roofing, windows, and doors experts are ready to help you along your home’s journey and provide a detailed estimate when you’re ready—all free and no strings attached.
Because here at Smucker Exteriors, we know how important your home is. And we’ve been keeping Pennsylvania homeowners safe and dry for over 20 years.
Our team can let you know exactly what to expect in terms of costs, delays, and other key factors associated with our current economy. And while necessary repairs might not always be cheap upfront (regardless of the economic weather) we’re committed to the products and installation practices that save you on major expenses in the long-run.
Go ahead and reach out today for your complimentary consultation and estimate in Lancaster, Berks, or Chester County. And remember, you’ve got nothing to lose—so please don’t wait until you’ve sprung a leak…
It’s more expensive that way.
